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The count of Americans filing for first-time unemployment benefits dropped last week to its lowest since February, which indicates the tightening of the labour market in the United States.
Initial claims for state jobless benefits fell 12,000 to a seasonally adjusted 232,000 for the week ended Aug. 12, according to the Labor Department. It was the lowest level since the week ended Feb. 25 when claims dropped to 227,000, the best reading since March 1973.
The figures emphasizes the sustained progress of the labor market. The jobless rate wavered near levels which several economists consider to be a normal level.
The four-week moving average of claims, which is acknowledged as a better gauge of labor market trends as it irons out week-to-week volatility, dropped 500 to 240,500 the previous week.
Despite the strong job gains, wage growth remains tepid, which is currently a concern among Federal Reserve policymakers. Concerns over low inflation might compel the U.S. central bank to delay hiking interest rates until December.
Minutes of the Fed's July 25-26 policy meeting published on Wednesday revealed that policymakers seem to be cautious regarding weak inflation, as some urged against further rate increases.
